Suppose that a firms recent earnings per share and dividend per share are $2.70 and $1.70, respectively. Both are expected to grow at 7 percent. However, the firms current P/E ratio of 26 seems high for this growth rate. The P/E ratio is expected to fall to 22 within five years.

Compute the dividends over the next five years. (Do not round intermediate calculations and round your final answers to 3 decimal places.)

Dividends	Years
First year	$ 1.82
Second year	$ 1.946
Third year	$ 2.083
Fourth year	$ 2.228
Fifth year	$ 2.384

Compute the value of this stock in five years. (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Stock price

$ 83.31

Calculate the present value of these cash flows using a 9 percent discount rate. (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Present value

$

The Last part, "Present Value" is all I need help with. Please explain how you apprach the answer if possible. Thanks!